Electrum Discovery Corp. Provides Exploration Update: Identifies New Broad and Consistent Copper-Gold Anomaly at Timok East
Posted Under: Uncategorized
Vancouver, Canada, May 8, 2024 – Electrum Discovery Corp. (“Electrum“, or the “Company“) (TSX-V: ELY|FRA: R8N) is pleased to provide an update on its exploration activities.
- Initial assay results from the Company’s Timok East Project have identified a significant copper-gold anomaly in soils, located five kilometres east of Zijin Mining’s Veliki Krivelj copper-gold porphyry mine, on the Western Tethyan Belt.
- The anomaly, named ‘Bambino’, measures up to 550 meters in length and over 100 meters in width and remains open in all directions, with copper in soils ranging from 500 – 8238 ppm copper and rock chip samples returning grades of 2.85% and 0.32% copper.
- Electrum has initiated a regional strategic review of its 500 square kilometers Novo Tlamino Project, incorporating historic 670,000oz gold equivalent inferred resource estimate.
Further to its News Release of April, 8 2024, Electrum reports the receipt of results of its initial soil and rock chip sampling on the Timok East Project (“Timok East“), located within the prolific Western Tethyan Belt, in the Republic of Serbia, covering 123 square kilometers of exploration ground, including mineral rights approximately 5 kilometers from the world-class Bor copper-gold mining complex (See Figure 2).
Results from the recent rock chip sampling, have identified a significant copper-gold anomaly in soil, named ‘Bambino’. The Bambino anomaly occurs within a series of Lower Paleozoic-age schists and marbles, which include stockwork style veining in outcrops (See Figure 1), from which rock chip samples returned grades of 2.85% and 0.32% copper.
Figure 1. An example of stockwork boulder from the Bambino target
The anomaly measures approximately 550 meters in length and over 100 meters in width, following a southeast-northwest trend. Copper grades in soil display a high degree of continuity within this anomaly and are zoned outward from a central continuous core, ranging from 500 – 8238 ppm copper, which remains open in all directions. Gold anomalism in soils ranges up to 203ppb gold and remains open in all directions (See Figures 3 and 4).
Figure 2. Simplified schematic geology map showing the position of Bambino anomaly, April 2024, Electrum Discovery Corp.
Figure 3. Copper in Soil and Rock Chip Samples (ppm) at Bambino Target, April 2024, Electrum Discovery Corp.
Figure 4. Gold in Soil and Rock Chip Samples (ppm) at Bambino Target, April 2024, Electrum Discovery Corp.
The Company is presently engaged in geological interpretation of the Bambino anomaly and is planning follow-on exploration to target potential extensions of the anomalys footprint to the southeast and northeast.
The Novo Tlamino Project – Regional Strategic Review
In addition to Timok East, Electrum also owns a 100% interest in the Tlamino gold project which hosts an inferred mineral resource estimate of 7.1Mt @ 2.5g/t Au and 38 g/t Ag containing 570,000oz Au and 8.6Moz Ag or combined 670,000oz of AuEq at 2.9g/t AuEq. In 2021 Preliminary Economic Assessment (“PEA”) of the project returned an IRR of 69%, and a pre-tax NPV of US$101m at discount rate of 8%, using prices of US$1,500/oz Au and US$16.5/oz Ag1.
The Company holds an additional 307 square kilometers of exploration ground across four further exploration licenses, some contiguous with Tlamino that are also deemed to be of exploration potential, which together with Tlamino cover an area of 522 square kilometres and form the Novo Tlamino Project (“Novo Tlamino”).
The strengthening gold price has led the Company to pursue a review of the historic PEA for Tlamino gold project and to look closely at the regional potential of Novo Tlamino. The Company believes that historic Tlamino represents an excellent strategic cornerstone to a regional gold strategy in the underexplored belt in Southern Serbia. In the coming months, Electrum is planning to review all historic data available for the Novo Tlamino Project, with the objective of converting existing Inferred resources into Measured and Indicated, outlining further exploration targets and applying further metallurgical recovery techniques.
Sample Collection, QA/QC, Preparation and Analysis
Soil samples reported in this news release were collected from the B-horizon from a depth of between 15-40 centimetres. Each sample location was recorded using a Garmin handheld GPS with a nominal accuracy of 3 meters, and the location was then photographed with the labelled sample. Samples were prepared and analysed at SGS Serbia and Bulgaria. Soil samples were dried and pulverized in their entirety, with 85% passing 75 microns. Samples were then analysed using a combination of four-acid digest with an ICP-MS finish (49 elements) and 50g fire assay with an ICP-MS finish for gold analysis (1-2000ppb). Samples were submitted in batches of 45, made up of 40 samples, two CRMs, two blanks, and one duplicate. QA/QC samples performed well, with all batches passing Company criteria.
Rock chip samples reported in this news release were prepared and analysed at SGS Serbia and Bulgaria. Samples were prepared by drying, (<3.0 kg), crushing to 75% passing 2 mm, 250g was then split and pulverized to 85% passing 75 μm. Samples were then analysed using a combination of four-acid digest with an ICP-MS finish (49 elements) and 50g fire assay with AAS finish for gold analysis (0.01-1000ppm). Samples were submitted in batches of 25, made up of 22 samples, one CRM, one blank, and one duplicate. QA/QC samples performed well and all batches passed predefined criteria.
1 Preliminary Economic Assessment and NI43-101 Technical Report for the Medgold Tlamino Project, January 7, 2021, www.sedarplus.ca. The effective date of the resource estimate is January 7, 2021. The PEA is preliminary in nature and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be characterized as mineral reserves, and there is no certainty that the PEA will be realised.
About Electrum Discovery Corp.
Electrum Discovery Corp. is an emerging, Canadian-based mineral exploration and development company focused on copper and gold on the prolific Western Tethyan Belt with activities in the Republic of Serbia. The Company is currently pursuing two projects: the Timok East copper-gold project adjacent to the Bor copper-gold mining complex and the New Tlamino gold project, located in Southern Serbia.
Electrum’s management team is focused on maximizing shareholder value through the acquisition and advancement of a large portfolio of copper-gold assets, while fostering sustainability, governance and knowledge transfer in the region.
Additional information on Electrum Discovery Corp. can be found by reviewing the Company’s page on SEDAR+ at www.sedarplus.ca.
For more information contact:
Dr Elena Clarici, Chief Executive Officer and Director
T: +1 604 801 5432 | E: info@electrumdiscovery.com | W: electrumdiscovery.com
Qualified Person:
The scientific and technical contents of this news release have been reviewed and approved by Chris Wilson, B.Sc. (Hons), PhD, FAusIMM (CP), FSEG, FGS. Dr. Wilson is a Qualified Person as defined by NI 43-101. Dr Wilson is a consultant to the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this news release constitute “forward-looking information” within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking information. Such statements include disclosure relating to the PEA for Tlamino and the Company’s objectives to convert existing inferred resources at Tlamino into measured and indicated resources, along with Company’s expected achievement of specified milestones, results of operations, and expected financial results of the Company. Often, but not always, this forward-looking information can be identified by the use of words such as “estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Electrum, to be materially different from any results, performance or achievements expressed or implied by forward-looking information. Such uncertainties and factors include, among others, uncertainties inherent in the PEA and the estimation of mineral resources; risks related to the failure to obtain adequate financing on a timely basis and on acceptable terms; changes in general economic conditions and financial markets; risks associated with the results of exploration and development activities, and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in Electrum’s quarterly and annual filings with securities regulators and available under Electrum’s profile on SEDAR+ at www.sedarplus.ca. Although Electrum has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking information contained herein are based on the assumptions, beliefs, expectations and opinions of management. Forward-looking information has been made as of the date hereof and Electrum disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.